Graphite Enterprise Trust Outperforms Benchmark

LONDON (Alliance News) - Private equity investor and fund of funds Graphite Enterprise Trust PLC Thursday said its net asset value per share increased by 7% in its last financial year, despite unwelcome currency movements weighing it down.

Net asset value increased by 7.2% per share in the year to January 31, 2014, outperforming the FTSE All-Share Index's 6.4% growth over the same period.

The growth in net asset value reflected a 13.8% increase in the value of the investment portfolio in local currencies.

This was partially offset by a rise in sterling against the euro, which reduced the sterling value of its euro-denominated investments and limited the overall portfolio rise in sterling terms to 11.0%. After adjusting for the effect of holding cash, costs and for the payment of the last year's dividend, the overall increase in the net asset value per share was 7.2%.

The trust's share price increased by 15.7%. The discount to the net asset value per share narrowed to 16.8% from 22.9% during the year.

The trust said its portfolio generated GBP118.0 million in realisation proceeds over the year, with more than GBP90.0 million reinvested.

Graphite Enterprise Trust shares were Thursday quoted at 598.75 pence, down 0.2%. Shares hit an all-time high of 617.00 pence on March 14.

By Samuel Agini; samagini@alliancenews.com; @samuelagini

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